PS 321 ~ Introduction to Political Economy

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1 PS 321 ~ Introduction to Political Economy Instructor: Dr. Geoff Kennedy Office: PLC 371 Office Hours: M & W 1:30-2:30 Course Description: This course introduces students to the study of the political economy of advanced capitalist economies. The course is divided into three sections. The first section examines the conceptual themes of classical and contemporary political economy. Here, students will be introduced to the tradition of classical political economy, associated with theorists such as Adam Smith and Karl Marx, as well as key concepts from contemporary political economy, such as the key distinctions between varieties of capitalism and the development of the welfare state. The second section explores the various conceptual approaches to the study of political economy and examines the various ways in which they approach some of the key conceptual problematics of political economy: namely, the relationship between material interests, political institutions and economic ideas. The third section is organized into a series of practical workshops that are designed to introduce students to some of the basic metrics used in political economy research, such as GDP, unemployment, inequality, etc. The purpose of these workshops is to develop statistical literacy that is, to have a better understanding of what statistics in political economy are telling us. The fourth section of the course introduces students to some important institutions of political economy: the labor market and collective bargaining; finance and corporate governance; and the state. The fifth section introduces students to a number of key policy areas that affect political economy: health care, pensions and family policy. The course concludes with a comprehensive examination of key debates concerning the nature of change in contemporary capitalism: the trajectory of national varieties of capitalism, and the construction and restructuring of the welfare state. Students are not required to have any prior background in economics for this course. 1

2 Please note: this syllabus may be subject to change Learning Outcomes Subject Specific Knowledge - The fundamentals of Political Economy as an academic discipline distinct from economics - Understanding of the core insights of Political Economy - Understanding of the links between Political Economy and Classical Political Economy - Understanding of the links between Political Economy and Political Science - Contributions of key thinkers to the development of Political Economy - Understanding of different conceptual and methodological issues within Political Economy - Understanding of different analytical traditions within Political Economy - Understanding of key debates regarding the political economy of Advanced Capitalist Economies Subject Specific Skills - Ability to conceptualize the links between politics, economics and sociology - Identify the different units of analysis that distinguish competing analytical traditions within Comparative Political Economy - Conceptualize the links between abstract concepts and methods of analysis - Ability to operationalize relevant concepts and methods of analysis for the purposes of independent research Transferable skills - Critical writing skills - Statistical Literacy - Critical Thinking skills Course Requirements Workshop Assignment: 12% Political Economy Country Profile: 18% Class Test I: 15% Class Test II: 15% Final Exam: 30% Attendance: 10% Texts John R. Bowman, Capitalisms Compared: Welfare, Work and Business (2013) Additional readings will be made available either on Canvas or the reserve desk at the library Lectures Lectures will present a structured overview of key aspects of the essential readings as well as important concepts, debates, etc., that are relevant for an understanding of the topic yet not 2

3 covered in the readings. Lecture slides will be made available on the course website. Time will be allotted for student participation and discussion of upcoming assignments. It is advised that students complete the essential readings prior to attending the lectures. Reading In order to succeed in this course, it is imperative that you keep up with the essential readings. Workshops (12%) The course will consist of three in class workshops oriented towards understanding the metrics involved in political economy analysis. The workshops will be devoted to critically discussing a variety of different statistical indicators used by political economists to assess the wealth of nations. For these workshops, students are encouraged to bring their laptops to class, as we will be exploring the OECD online database. Students will then be required to submit a 500 word synopsis of what they have learned about measuring the wealth of economies, with reference to the readings assigned for that week. Class Tests (15% + 15%) Students will be required to complete and submit two in class tests that assesses their comprehension of the essential readings. Final Exam (30%) Students are required to complete an exam that assesses their comprehension of the essential readings. The exam will be scheduled during the exam period. Political Economy Country Profile (18%) Students are required to construct a political economy profile of a country of their choice, keeping in mind that their choice is limited to the countries found on the OECD statistical database. The profile must include a presentation of the various economic indicators discussed during the workshops: GDP, GDP growth rates, investment rates, productivity and labor costs, unemployment and inequality. Students must collect data on these measures between the years (or the most recent year), collate it into a presentable format (e.g., tables, charts) and write a 500 word overview of what the data indicates and what it says about the economic health of that particular country. The purpose is to help students become familiar with online databases, to sharpen their analytical skills and to provide them with the ability to find and collate primary data. Attendance (10%) Attendance will be monitored and will comprise 10% of the overall grade. Course Website The course site will provide you with copies of an assortment of course documents, including a copy of this syllabus, readings and video clips. Submitting Assignments All assignments must be submitted in hard copy format during class time. Please ensure that your submissions contain a word count on the front page and are stapled or bound. Late Penalties 3

4 Late assignments will be penalized 2% per day, including weekends. Phones and Laptops While in class, it is expected that all students will turn off their phones. While laptops can be used in class, current academic research has demonstrated that students who rely on laptops in class do not retain as much information as students who do not use laptops. In other words, contrary to what you may have been told in high school, laptops are NOT a helpful pedagogical tool. Therefore, it is strongly recommended that students refrain from using their laptops as much as possible (with the exception of the workshops mentioned above). If you decide to use a laptop, it is expected that you will use it for class purposes only (no social media). Cheating and Academic Dishonesty All assignments in this class are designed to assess your individual knowledge and understanding of the material covered in the course. Thus, cheating or plagiarism in any form will not be tolerated. The work you present must be entirely your own. All individuals involved in an act of academic dishonesty will fail the course. Discrimination The University of Oregon is an Affirmative Action/Equal Opportunity institution. Discrimination on the basis of any of the categories covered in the University's anti-discrimination policy will not be tolerated in this class. If you have a concern in this regard, please contact the Office of Affirmative Action and Equal Opportunity at Special Needs If you have a condition that inhibits learning or evaluation under customary circumstances, please request a letter from Disability Services that verifies your situation and states the accommodations that can be made to improve your learning environment. I. Classical and Contemporary Political Economy September 28: Introduction Themes and Requirements of the Course September 30/October 2: Capitalism and Classical Political Economy Topics: An examination of the ways in which political economy is distinct from the disciplinary study of economics. We will also examine political economy s roots in the tradition of classical political economy associated with Adam Smith, Karl Marx and Friedrich List in particular. Clift, chapters 1, 2. October 5. Varieties of Capitalism: Social Europe versus Liberal America Topics: An introduction to the key differences between Liberal and Coordinated market economies, with an emphasis placed on the distinction between the United States, Germany and Sweden. Bowman, chapter 1. 4

5 October 7. Worlds of Welfare: Social Europe versus Liberal America Topics: An introduction to the typologies of welfare state that have emerged in the context of modern capitalist economies with an emphasis on the extent to which they mitigate the disruptive effects of market activity. Bowman, chapter 1. Martin Wolf, Economics: When will all the models parade their charms? Financial Times January 26, October 9. Class Discussion Classical and Contemporary Political Economy Analyzing Political Economy October 12/14: The Political Economy of Social Class Topics: An examination of the role that social class plays in the constitution and reproduction of political economy. Emphasis will be placed on understanding the relationship between wage laborers and employers in the functioning of the capitalist economy, from the level of the workplace to the broader level of political economy. Jim Stanford, Economics for Everyone, chapters 5 & 8. October 16: Class Discussion The Political Economy of Social Class October 19: The Political Economy of Institutions Topics: An examination of the role that institutions play in the creation of markets and the structuring of economic behavior. Emphasis will also be placed on the role institutions play in promoting continuity in the evolution of political economy. Ben Clift, Institutionalist Analysis and Comparative Political Economy, in Comparative Political Economy October 21: The Political Economy of Ideas Topics: An examination of the role that ideas play in political economy with emphasis placed on the constitutive role of policy paradigms in identify problems and promoting solutions in political economy. Ben Clift, Ideational Analysis and Comparative Political Economy, in Comparative Political Economy October 23. Discussion Groups Institutions and Ideas in Political Economy October 26: Review October 28: Class Test I: Capitalism and Classical Political Economy October 30: Class Test II: Analyzing Political Economy 5

6 Workshops November 2: Workshop Measuring the Wealth of Nations: What is GDP and how do we measure it? Topics: An instructive examination of Gross Domestic Product as the most prominent metric of economic wealth in capitalist economies. We will be discussing the strengths and weaknesses of this measurement and look at some alternatives. Essential Reading: Jim Stanford, Economics for Everyone, chapter 1. Jim Stanford, A How-to Guide: Finding and Interpreting GDP Statistics November 4: Workshop Measuring the Wealth of Nations: Investment, Productivity and Labor Costs Topics: An instructive examination of the categories of investment, productivity and labor costs, with an emphasis on their importance for understanding the dynamics of economic activity within a particular country. We will critically assess who benefits from productivity increases as well as the relationship between productivity and wages. Essential Reading Jim Stanford, Economics for Everyone, chapter 12 November 6: Workshop Measuring the Wealth of Nations: Unemployment and Inequality Topics: An instructive examination of the categories of unemployment and inequality and their relationship to economic growth. Essential Reading: Jim Stanford, Economics for Everyone, chapter 13 & 14. Jim Stanford, A How-to Guide: Labour Market and Unemployment Statistics Institutions November 9/11: The Labor Market and Collective Bargaining Topics: the sale of wage labor; employment and unemployment in the economy; typologies of labor markets (flexible versus rigid labor markets); the role of trade unions, employer associations and collective bargaining. Comparison will be made between the US, Germany and Sweden. Bowman, chapter 5. * Due Date November 9: Workshop assignment due November 13: Group Discussion Labor Markets, Unions and Collective Bargaining November 16: Corporate Governance 6

7 Topics: An examination of the differences between shareholder and stakeholder capitalism, their relationship to larger, national financial systems and their role in channeling investment in the economy. Comparison will be made between the US, Germany and Sweden. Bowman, chapter 6. November 18: The State Topics: An examination of the role of the state in fostering capitalist development. Emphasis will be placed on the ideal of the liberal state versus the reality of the developmental state. Coates, Models of Capitalism, chapter 7. November 20: Group Discussion Corporate Governance and the State Public Policy November 23: Pensions Topics: A comparative analysis of the various pension systems of the US, Germany and Sweden. Bowman, chapter 3. *Due Date: Political Economy Country Profile November 25: Health Care Topics: A comparative analysis of the various health care systems of the US, Germany and Sweden. Bowman, chapter 2. November 27: Thanksgiving NO CLASS November 30: Family Policy Topics: A comparative analysis of the various policies governing childcare, parental leave and family support in the US, Germany and Sweden. Bowman, chapter 4. Continuity and Change in the Advanced Capitalism Economies December 2: Continuity and Change in the Advanced Capitalist Economies: Welfare States Topics: An examination of the debates concerning the fate of the welfare state in the context of neoliberal capitalism. Clift, Comparative Political Economy, chapter 10. 7

8 December 4: Continuity and Change in the Advanced Capitalist Economies: Varieties of Capitalism Topics: An examination of the debates concerning the persistence or disappearance of the key distinctions between varieties of capitalism (liberal and coordinated) in the context of neoliberal capitalism. Clift, Comparative Political Economy, chapter 9. 8

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